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News Release
BPA makes 37th consecutive U.S. Treasury payment - 10/02/20

PR 14-20 

                                                                                                  BONNEVILLE POWER ADMINISTRATION
                                                                                                   FOR IMMEDIATE RELEASE: Oct. 2, 2020
                                                                                                     CONTACT: Kevin Wingert, 503-230-4140
                                                                                                                                            or 503-230-5131

BPA makes 37th consecutive U.S. Treasury payment
 

Portland, Ore. – The Bonneville Power Administration made its 37th consecutive U.S. Treasury payment Oct. 2, on time and in full. This year’s $736 million payment brings BPA’s cumulative payments to the Treasury to more than $31 billion.

“I am so pleased to announce our 37th consecutive treasury payment,” said Michelle Manary, BPA’s chief financial officer. “This year was full of historic and unpredictable events that impacted the region’s energy and economic landscape. BPA remained committed through all of it to meeting customer needs and executing our financial plan to the best of our ability.”

BPA is a self-financed power marketing administration that receives no annual appropriation funding from Congress. Instead, BPA primarily recovers its costs through revenues from the sale of electric power and transmission services.

Each year BPA pays back to the U.S. Treasury a portion of the taxpayers' investment in the Federal Columbia River Power System, which includes the federal hydropower dams that produce renewable electricity and the transmission system. BPA sets its rates to maintain an annual 97.5% probability of making this payment. This year’s payment to the U.S. Treasury includes $471 million in principal and $208 million in interest. The remaining $57 million covers a variety of other costs, including irrigation assistance that BPA provides to help irrigators repay their share of certain Bureau of Reclamation projects.

Fiscal year 2020 brought the end of the first phase of the Regional Cooperation Debt program, a multiyear collaboration with Energy Northwest that allowed the extension of low-cost debt. This year, $20 million of U.S. Treasury obligations were amortized early as part of the last step in this phase of the program.  Revenues that would have been used to pay off nonfederal bonds were instead used to pay off higher interest rate U.S. Treasury debt. This phase of the RCD program provided the region over $2.79 billion in gross debt-service savings. 

About BPA

The Bonneville Power Administration, headquartered in Portland, Oregon, is a nonprofit federal power marketer that sells wholesale, carbon-free hydropower from 31 federal dams in the Columbia River Basin. It also markets the output of the region’s only nuclear plant. BPA delivers this power to more than 140 Northwest electric utilities, serving millions of consumers and businesses in Washington, Oregon, Idaho, western Montana and parts of California, Nevada, Utah and Wyoming. BPA also owns and operates more than 15,000 circuit miles of high-voltage power lines and 261 substations, and provides transmission service to more than 300 customers. In all, BPA provides nearly a third of the power generated in the Northwest. To mitigate the impacts of the federal dams, BPA implements a fish and wildlife program that includes working with its partners to make the federal dams safer for fish passage. It also pursues cost-effective energy savings and operational solutions that help maintain safe, affordable, reliable electric power for the Northwest. www.bpa.gov  

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